Global Markets: OPEC+ to cut production in November

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– The OPEC+ alliance of oil-exporting countries announced on Wednesday it will cut crude oil production by two million barrels per day starting in November, the largest production cut since 2020. However, the impact of the production cuts on oil prices will be limited due to OPEC+ members unable to meet their own quotas. The White House called the decision “short sighted” and added it would release 10 million barrels of oil from the country’s Strategic Petroleum Reserve in November. On Wednesday, OPEC+ also extended its co-operation agreement with non-members until 2023.

– North Korea launched two short-range ballistic missiles on Thursday to protest the redeployment of a United States aircraft carrier near the Korean Peninsula. The two missiles were launched from North Korea’s capital region 22 minutes apart with different projectories. However, both landed between the Korean Peninsula and Japan while avoiding Japan’s exclusive economic zone.

– Starting Thursday, Canadian retailers and other businesses can charge a fee of up to 2.4 per cent to customers who use a credit card to make a purchase. Previously, credit card companies charged businesses a fee for every purchase made on a credit card, but could not pass on the fee to the consumer. In May, Visa, Mastercard and other major credit card companies settled a lawsuit and rebated merchants C$188 million.

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